Solar panel installation may seem like an expenditure initially, but it’s a prolonged investment that pays itself over time and enhances the value of your property.
Solar energy is exponentially growing than any other source of energy. The amount for solar panel installation in Chennai and across the globe as well has increased over the past few years. Because slowly people are realizing it’s a lifetime investment.
What is depreciation?
Depreciation is the process where we count the wear and tear of an asset over time. For any assets whether tangible or intangible, if their life span is longer than 1 year, we measure the depreciation value.
For example, the depreciation value is extremely high for a vehicle. After one year the value of the vehicle depreciates from 15% to 20%.
How does solar panel depreciation work?
Solar panel installation is eventually an investment. So like any other investment, the value of solar panels also depreciates over time. But the depreciation depends on different factors including the size, location, quality of the system installed, and much more. Unlike vehicles, the lifespan of solar panels is much longer. The solar system depreciates over 5 to 7 years.
Also, understand the annual costs for wear and tear on the solar system are much lower than your expectations. Solar panels don’t require high maintenance, operating cost, or repair.
Benefits of solar depreciation for residential buildings
There are several benefits of solar panel installation. Apart from obvious benefits like reducing your electricity bills, minimizing the carbon footprints, and natural energy resources, there are also other following benefits:
- Expand your property value
According to a recent survey homes with solar panels sell 20% faster than homes with general government electricity benefits. Everybody understands that the solar system is considered an essential part of a valuable home.
For increasing your property value go for a solar company in Chennai.
- Deduction on electricity bills
Your monthly energy bill should significantly decrease as a result. The sun’s energy is converted into electricity when you use it. This either lowers your energy use and utility costs or results in utility providers paying you for the energy your systems produce
- Tax benefits
While choosing a solar system for your home, you’re initiating something good for yourself and for the environment too. So many governments have run many schemes for the homeowners; such as reducing costs, providing subsidies, and other tax credits, etc.
Investment today will benefit you for the rest of your life
As you can see, depreciating solar panels is a fantastic way to reduce your energy costs, raise the value of your house, and do your part for the environment all at once!